NEW YORK -- Exxon Corp. confirmed Tuesday that all properties and assets related to its oil and gas activities in Libya were transferred to the Libyan National Oil Co. for an undisclosed sum as of Dec. 1.
Exxon said the agreement was reached in negotiations with Libyan authorities following the announcement Nov. 12 that it was withdrawing from its oil and gas operations in the radical Arab nation.
Exxon had been pumping more than 100,000 barrels of oil a day under a production-sharing agreement with the anti-U.S. regime of Libyan strongman Moammar Khadafy. Libya is seventh largest U.S. foreign crude supplier.
Exxon never has given an official reason for its decision to pull out of the Libya, where industry sources said Exxon subsidiaries had been operating four oil exploration and production concessions.
Exxon said the agreement hammered out with Libya called for its Esso Cos. subsidiaries to receive payment for their properties and assets that were assigned to the Libyan National Oil Co.
Exxon said 'the amount is somewhat lower than the net book value,' which the company would not make public.
The Libyan National Oil Co. has created a new operating company called Cirte Oil Co. to carry on the Esso Cos.' former operations.
On Dec. 1 Cirte assumed responsibility for 'all outstanding agreements with contractors and suppliers related to oil and gas operations in which the Esso Cos. had been involved,' Exxon said.
At the time of its Nov. 12 withdrawal announcement, Exxon said it was making arrangements to pull out its expatriate personnel, which then numbered about 500 Americans and Britons.
In December President Reagan called on U.S. companies to remove American employees from Libya and imposed a travel ban to the North African nation by U.S. citizens following reports a Libyan hit squad planned to assassinate top U.S. government officials.
Exxon said fewer than 20 Americans remain in Libya and are expected to leave between now and the end of January.
'Expatriate personnel previously employed in operations in which the Esso Cos. have been involved who wish to leave Libya are progressively departing from that country,' Exxon said.
